Author: Finance Khabar

Singapore: Fitch Ratings on Friday cut its GDP growth forecast for India to 2 per cent for the fiscal year ending March 2021 after lowering it to 5.1 per cent previously, which will make it the slowest growth in India over the past 30 years. Micro, small and medium-sized enterprises (MSMEs) and the services segment are likely to be among the most affected amid reduced consumer spending, it said. On March 20, Fitch had projected India’s GDP growth for 2020-21 at 5.1 per cent, lower than 5.6 per cent estimated in December 2019. The initial disruptions to regional manufacturing supply…

Hyderabad: Engineering and technology solutions company Cyient said on Friday it will support Hitachi Rail accelerate the evolution of its signalling technology and expand its project execution capacity. As part of the agreement, Cyient will develop and operate a central delivery centre for Hitachi Rail in India and a regional centre in the United States. These centres will be responsible for delivering engineering services (such as application logic design, hardware design, software configuration, and verification and validation) for Hitachi’s global signalling projects that use proprietary interlocking platforms. They will also provide software development and configuration support for Hitachi’s ATS product.…

Mumbai: Domestic equity market benchmarks Sensex and Nifty settled over 2 per cent lower on Friday weighed by sell-off in index heavyweights such Axis Bank, IndusInd Bank and ICICI Bank. S&P BSE Sensex ended 674 points or 2.39 per cent down at 27,591, while broader Nifty50 index finished below the crucial 8,100 level, down 170 points or 2.06 per cent. As many as 21 stocks out of 30 Sensex stocks settled in deep sea of red with Axis Bank as the top Sensex loser, down 8.86 per cent, followed by IndusInd Bank, ICICI Bank and Titan. On the flip side,…

Panaji: Goa Shipyard Limited (GSL) has extended financial support of Rs 1.25 crore towards PM CARES Fund and Rs 50 lakhs towards Goa Chief Minister’s Relief Fund to support country’s battle against COVID-19. “Under the Corporate Social Responsibility (CSR) initiative, the financial aid provided by GSL will be used as a part of preventive and relief measures against COVID-19, in the state of Goa,” said CMDE BB Nagpal. In addition to this, all employees have also contributed their one day’s salary towards the cause and GSL has distributed 5000 face masks for Goa Police personnel who are involved in COVID-19…

Mumbai: Pharma major Lupin Ltd said on Friday it has got an establishment inspection report (EIR) from the US Food and Drug Administration for its Aurangabad facility. “This takes us a step forward in our efforts of enhancing our compliance and quality standards across all our manufacturing sites,” said Managing Director Nilesh Gupta. “We continue to work with the US FDA to continuously improve our quality and compliance while providing important medicines to the US market,” he said in a statement. The inspection for Aurangabad facility was carried out between February 10 and 14, and concluded with no observations. “We…

New Delhi: Jindal Steel and Power Ltd (JSPL) said on Friday its domestic steel production totalled 6.3 million tonnes in 2019-20, up 13 per cent from 5.59 million tonnes in the previous fiscal. The production at JSIS Oman too moved up by 9 per cent from 1.71 million tonnes to 1.87 per cent in the same period. While domestic sales jumped 12 per cent to 6.04 million tonnes in FY20 from 5.41 per cent in FY19, sales at JSIS Oman moved up 4 per cent to 1.88 million tonnes from 1.81 million tonnes. “It is truly a splendid achievement,” said…

Manila: The Asian Development Bank (ADB) projects India’s gross domestic product (GDP) will slow to 4 per cent in the fiscal year 2020 ending on March 31, 2021 due to a weak global environment and continued efforts to contain the novel coronavirus (COVID-19) outbreak in the country. The forecast assumes that the pandemic dissipates and full economic activity resumes from the second quarter of FY20. The Asian Development Outlook (ADO) 2020 forecasts a recovery in India’s economy in FY21 with a growth of 6.2 per cent supported by government reform. India’s economy recorded 5 per cent growth in FY19. ADO…

Amaravati (Andhra Pradesh): Renowned pharmaceutical company Aurobindo Pharma on Thursday announced a cumulative donation of Rs 11 crore to Andhra Pradesh CM Relief Fund to combat COVID-19. Company director Sarat Chandra Reddy handed over a cheque of Rs 7.50 crore to Chief Minister YS Jaganmohan Reddy at his camp office. Apart from this monetary contribution, Aurobindo Pharma is going to provide high-end medical kits, other medical equipment, sanitisers and masks worth Rs 3.5 crores

New Delhi: Bharat Dynamics Limited (BDL) has contributed Rs 9.02 crores to PM CARES fund to fight the surging coronavirus cases in the country. The amount included a one-day salary of BDL employees and the funds allocated under Corporate Social Responsibility (CSR). The Ministry of Defence said in a statement, “Bharat Dynamics Limited (BDL) has contributed Rs 9.02 crores to PM CARES fund to fight #COVID19. The amount includes a one-day salary of employees of BDL and the funds under CSR: Ministry of Defence” Meanwhile, Ministry of Defence has issued a clarification after reports emerged in a section of media…

New Delhi: Corona cases are increasing in the country due to which people are scared. Meanwhile, there is a relief news. The Insurance Regulatory IRDAI said that Arogya Sanjivani included hospitalization and treatment due to corona. Arogya Sanjeevani is a standard health plan prepared by IRDA. All 29 general and health insurance companies follow this standard health plan. It has been launched on April 1, 2020. Under this, basic health cover up to 1-5 lakhs is covered. The premium charge is around 1000 rupees for every lakh cover. The IRDA said that corona treatment is free in government hospitals. But…

As coronavirus cases are increasing everyday globally and we are serving our nation-wide lockdown period, it is essential to take care of our personal finances to stay unaffected amid the COVID-19 outbreak: 1) Get an insurance cover: Although you may have heard that government is trying its best treatment facilities for coronavirus patients, it is always advisable to take an health insurance cover to avoid the rush at government hospitals. With an health insurance cover, you can take medical assistance at any sophisticated private hospital without feeling the pinch of your personal expenses. 2) Subscribe for broadband internet package of…

Tokyo: For those in love with the lens but unable to capture the beauty outside due to the ongoing COVID-19 lockdown, Nikon is offering free online courses to help you enhance your skills while sitting at home. Nikon announced that it is offering all of its courses free for the entire month of April. Some of the courses are shorter than 20 minutes in duration while others are extensive and run for up to one hour. There are a total of ten courses on the Nikon Events website which range from getting started with a DSLR camera, creating video content,…

New Delhi: India’s largest food delivery platform Swiggy said on Thursday it has partnered with various commercial kitchens, NGOs and state governments to provide daily meals to thousands of underprivileged, daily wagers and stranded migrant labourers who have limited access to nutritious food during the 21-day lockdown. The ‘Hope, Not Hunger’ initiative was launched last week to support the Delhi Government’s programme to feed the needy. Swiggy helped organise the preparation and distribution of nutritious meals twice a day across relief camps in Delhi with the support of partners such as Compass Kitchens, Lite Bite Foods and SmartQ. The relief…

New Delhi: MG Motor India on Thursday started the hunt for a quick-to-produce ventilator design to serve the patients affected by COVID-19. Post evaluation by a team of medical experts, the best ventilator design concept will receive a grant of Rs 10 lakh from the company. The carmaker will also provide production support for the proposed ventilator prototype at its Halol manufacturing facility in Gujarat to ensure swifter market deployment. “As a responsible corporate citizen, MG Motor India is committed to fighting this pandemic,” said President and Managing Director Rajeev Chaba. “Incentivising medical innovation through a financial grant to the…

Kochi (Kerala): Unimoni Financial Services has appointed V George Antony as Executive Vice-Chairman of Unimoni India. Antony retired as Managing Director of the company in 2017 and was a Non-Executive Director and Vice-Chairman to the Board since then. Considering the current scenario and need of the company, the Board members have unanimously decided that he should take charge at the helm and drive the company to a glorious future. Antony set up Unimoni India in 1999 and scaled it to over 375 branches across the country, with around 3,500 employees and an agent location network of 20,000. During his period,…

The country’s largest automobile manufacturer Maruti Suzuki India recently introduced the Dzire facelift with minor cosmetic and feature upgrades. After which the company is now preparing to launch the Swift facelift and S-Cross petrol. In the newly updated Maruti Swift, the company will use a 1.2 liter capacity BS6-standard dualjet petrol engine. Recently, the company also used this engine in its new facelift Dzire sedan. This engine is more powerful than the current model. Which generates around 83bhp power and 113Nm torque. Let us know, the company is also using start-stop technology in the new Maruti Swift. Which will increase…

Bajaj has launched the Pulsar NS200 BS6 in India. The Bajaj Pulsar NS200 price in India is Rs 1.25 lakh, Rs 11,000 more than the BS4 model. The motorcycle is yet to reach dealerships and this is down to the lockdown phase. We believe Bajaj dealers should be able to cater to customers with the updated model within a few weeks of the lockdown lifting. We will come straight to the point here. The NS200 BS6 gets a power bump. It and the RS200 now make the same power – 24.5hp and 18.5Nm. The 4-valve engine benefits from fuel injection…

New Delhi: With the current lockdown to contain the coronavirus outbreak in India, the routine process of going to one’s nearest doctor for a consultation has become impossible. Hence, while sitting at home, if one feels unwell, there is both a sense of helplessness in getting expert medical help and a fear of having contracted COVID-19. To address these concerns, while at the same time helping to minimize the burden of the coronavirus pandemic on the Indian healthcare system, Pristyn Care has set up an end-to-end ecosystem of tele-medicine and COVID-19 testing. The health-tech company has established a control room…

Mumbai: ANAROCK’s latest report ‘COVID-19 – Will it Reset Indian Real Estate?’ takes a hard look at how the ongoing pandemic is impacting Indian real estate. No sector will remain immune to the impact of the coronavirus, which has shaken up industries across the globe and forced them to consider immediate, mid-term and long-term ways to re-strategize and rethink their businesses and business models. Housing sales to see 25-35 per cent y-o-y fall in 2020; new launches by 25-30 per cent. Unsold housing inventory to remain stable, may even see 1-3 per cent yearly reduction. Construction delays could run into…

Hyderabad: Aurobindo Pharma’s planned acquisition of the US generic oral solids and dermatology businesses of Sandoz Inc has fallen apart. Aurobindo said on Thursday it is calling off the proposed acquisition of US dermatology business and three manufacturing units of Sandoz, a division of Swiss drugmaker Novartis. “This decision was taken as approval from the US Federal Trade Commission for the transaction was not obtained within anticipated timelines,” it said in a statement. In September 2018, Aurobindo had agreed to purchase Sandoz’s US dermatology and generic pills business for one billion dollars in the biggest overseas acquisition by an Indian…